The Courier News from Blytheville, Arkansas on October 5, 1932 · Page 3
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The Courier News from Blytheville, Arkansas · Page 3

Blytheville, Arkansas
Issue Date:
Wednesday, October 5, 1932
Page 3
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WEDNESDAY, OCTOBER 5, 1932 BLYTHEV1ILE, (ARK.) COURIER NEWS They're. High-Flyers. in Society Former Master of World's Greatest. Utilities Chain No wBroken Man. EDITOR'S NOTE: TU« Is »he first of a serif* of six »tori« on the rise and fall "' financial pant —Samuel Imull, the world's great«| failure. ' BY ROBERT TALLEY NEA Rervfc* Writer Coovrieht. 1932 NBA Service, Inc. CHICAGO, Oct. 5.—At the peak of his career, Samuel Insull was irn.ster "I the most gigan'.lc chain of public utilities ever controlled rr'one man, His hundreds of electric plants, gas plants/ water plants, ice plants fireet car lines, bus lines and fjpntrl" railroads dotted the map from Maine to Texas and over flowed into Canada and Mexico. . His' varied enterprises operated In 32 slates, served more than 5000 cities, towns and villages, had i'OTJ»rd c of 7,003,000 customers and supplied the public utllitv needs , of approximately 15,000.000 persons. 'The combined assets of all his companies was close to M.000,000.- 000—which, is merely another wav of saying four thousand millions of dollars,' 'Six hundred thousand persons owned stock In his comrjanies. a half million more had bought his bands'. Roosevelt Sees World Series Game !erx>rt on Church- Membership Made at Association Meeting. Tlisrc art 2300 members of Banist churches in Mississippi county his year, it was revealed in re- wrU made at the meeting of the •aunty Baalist nssochiton ut Manla yesterday and lodnv. Of this utmher the First church of Blv- Ittvlllc, with 19:) members' has tlw aruest membership. Tim meeting.' which opened Monday morning with tho ncv. E. K. Manwarrlnt, of Wilson, moderator, presiding, will come to close tonight when UK county B. Y. P. U. association will be in PTfl of thn program. . • . . Officers of both the. churches and B. Y. P. u. nssoelattom will be olcclcd niul other business trans&ctcd In tl» closing sessions. The nnnual sermon was nreched bv the Rev. C. E. Welch, of Osccola, following the Invocation by the Rev. W. II. Horn, of Manila, and the devotional by the IMv. F. S. Gibson, of itenchvllle. The Rev. J. W. Fiplds, of Grenarta, Miss., led the devotional In the afternoon session. J. H. Bridges, of Little Rock, stale secretnrv, told of the slate missions in his address which was followed vvllh a talk by the Rev. Alfred S. Harwell. Blytheville First church, as chairman of the association's missions. Reports of thi home, stnte and foreign missions' were also given. LANDER, Wyo. RhcMutg fit Lander pot one on tbr book (or the'boyt. to *oot si' wtwi he landed a M pound trout in Jackion Like D recently. • • ••--.,. ,!, *.. ;.->•'•'• The (ten .was the Urte«t ea<i|ht~ : . tliis season and required »• lafi hook to land It. .' . .•.;•."*'"•"' . Reallzlnf 'there would be »tof- fers, Rhoads took the.ft* home ot prove hls'otory. .... .'•,. •;•.. Governor Franklin D. Uoosevelt, in Chicago on Iho wny homo from his western .sinking trip, ntteiltie a game of the world scries. He Is shown above with. the ninnagurs of Ihe opposing Icums, charle ilmm cf the Chicago Cubs, left, umi Joe McC.mliy of Iho Now York Yankees. At the right Is James Kocscvclt, his ton. Flying ability isn't the prime requisite for membership In Ihe Pylon 'isiol Hammer Saves Smashed Fingers Club, an aviation organization .of Philadelphia. • The members are nil Samuel Insull. personally, was ljromlnent S o C j e iy .folk who own and operate their own planes, pic- rnt«UK^e, A he de drew m *^ «* h « c «« « <™ wh ° Participated In a recent -meettn, at Norrls- 000 a vear in salaries from his companies. He was chairman of 65 companies, president of 11, sat veleran pilot, Marshall Reid, and Mrs. Reid 'are shown lower left. i [) V on : the boards of 85 more. It Is no exaggeration to say that he was the most powerful man in Chicago. He held the world's fourth largest rlty In the hollow of his hand. Bankers courted his favors, politicians cowed betas him. He was past 70 and an indus- ' trial tyrant. He absolutely dominated everytnine he had anything to do with, ran all matters as he Oleased. There was nobody to tell him "No." Nobodv dared That was the Samuel Insull of yesterday—the mighty Samuel In- siiil who was swept, almost overnight.' from billions to rienurv in the gigantic rollapm of the Insull eftinire of utilities. It will go down In history as tne. greatest failure . in American business annals. It wa«Mo 'Uiries .blgfer • .than the "•Wi"pr cqllarw In Europe. , INfilJIJ,.. IN'PARIS. NOW, IS DETECTED, AGING MAN ' ".The" 'Samwl Insull of' todav, a .voluntary .exile -In France, Is a vastly different man. In six months he 1 has aged a. .dozen years, say those''who have seen him. The fire ; has faded from his eves, his once' brisk manner has yielded to i»Ty ^Irv.which denotes either dejection of confused bewilderment. It'.has bfen called both. . ::Hb:'»100,000,000 personal for- tim' gone: he tossed it into his falling 'companies in a. futile ef- Ipjt/to sjem the tide of disaster. I^t also is his. magnificent 4300- acre : <>state at Libertvville. 111., with its 4125.WO mansion of Italian Rivera -architecture, bird sanctuaries and sunken gardens. His Chicago home, a. fashionable Coast."' is lor rent. So Is his old apartment on Chicago's "Gold Rtorv .Chicago Civic Opera Build- English pent house atop the 42- Ing.:which he built lo gratify his love of music. Not onlv is Insull said to have lost everything he had. but he is also »15.MQ.OOO in debt. Five millions of this represents his pledges to charity, which lie never can pay. He Is livinir in Paris now with Mrs. Insull. They have two rooms at tbs Prince des Galles Hotel. for which they pay *lfl a riiy. with .*ll5 added for Mrs. Insull's maid 'The former master of billions is watching his pennies: the bni- gaee'man who carried no Ms - trunks says Insull tipped him 60 / cents. 1 Insull's only income at prerent so far us known. Is an annual nen- stoc of 4180.000 from his three bii Chicago operating companies —the Commonwealth Edison, the Peonie's Ons and the Northern Illinois Public Service. These three ronro*nle< are not involved In the Inwll's failure or string of Insul receiverships. Also out of the country are Insull's son and brother, his closes business associates. Th? latter Martin Insull. former president o the mighty Middle West Utilitie Co., greatest of the Insull hoi din companies. Martin Insull disap- neamd from . Chicago about th time Middle West went into re celyership last April. He was re centty found living with his wif in i 120-a-week boarding house i the little town of Orillia, Ont., 9C miles north of Toronto, shunnin all companions and seekinj seclu The most recent to depart wa Samuel Ingull Jr., 32-year-ol President of the two vast Insul Investment trust* now in bank n>Ptcv. who : sailed for Parl* unex P«t*dlv a few days before a fed era! court bankruplcy hearing wa to begin. Friends said young in »ull was called to Paris by th« 11 nesj of his mother. COLLAPSE MEANS LOSS . TO THOUSANDS ^ Site's Attorney John A. Swan I son:Of Chlcafo, who 1> huntlas fo evldtnce of criminality In UM In !e was one ol the first aviators to fly a passenger from New. York to Philadelphia. William T. Reincke, Jr., at lower right, is a son of a former member of Ihe U. 8. diplomatic corps. Puerto Ricans in Emergency Camps Negro Wins Acquittal in Liquor Sale Case Willie Browti, negro, faced a pre llminary hearing before Municlpa Judge C. A. Cunningham on o charge of selling, for the second time in two weeks yesterday afler noon and was cleared. He was held to the grand Jury at the first hear ing and released under bond. The slate's star witness ai Brown did everything but "star for the prosecution. Wade Jacksoi negro and liar extraordinary in th opinion of the court,' was the chte slate witness. Tile negro's sUte ments and obvious contradictions amused the courlroom audience all brought the statement from th bench that his testimony wns ea? ly recognized as anything but tl truth. Police said the negro's testimony was entirely opposite to n story he had previously told them. •Wise Perry was fined one 'dollar for running a slon sign. Arthur Patton forfeiled n two dolldr .lepnMI n'a charge of speadlng. Trnflc v.lp? lalion cnargcs wera ' 'dockiiiv? aealnst Henry Premel and Mr.?. Miilon Slornberg. They will face trial later. . . LEIPZIG (UP)—To'lilt the nnll on the hend no longer requires IM- ence and skill, mid stuaslud lumbs are a thing o[ Hie i>35t. Inlls and lacks may mw In! c'riv- n home quickly without ellort l>y an ingenious nuloinulic dev pulling Hie trigger, nn niitonmtlo F.nch mnulti contains sevcil pcrfeo hammering divlco Is relcaHd ami tcclh, nccorcllng to Blum. Tno e.x the nnllliiij is iiccompllshed hi a Irn eyo Is localod in the center o few seconds. tlio lorjlicwl. : . ha'pcd like n pistol, nie nailing pistol, ted at the Leipzig Fair, Ls landed with ammunition In the (onn of acks or nalU and held ngninsl Ihe objccl to be fastened, when, by Freak Pig Uses Two Mouths for Squeals EVANSVILLE, Iml. ^P)—A sin with thrco eyes,, two mouths nmt two noses WHS barn nt the Adam Just exhlb-! Diuun BIH! Olinrles Blum slock fnrin here. Tho plij, ono from a lltler of 11, Ihe rest of which arc normal, squcnVs und eats with both mouths. New Hospital Addition PHILADELPHIA. '(UP) •— OoV slnicllou ot u new addlllon to the Cancer and Skin Hojpllnl ot Plill- (idelpliln has been announced by members of t!:e staff, • . . . NERVOUS? SLEEPLESS? i If you are nervous and reit- • 'less; If you can't sleep, • tire '." easily, have Nervous Headache,' • Ncrvpus Indigestion; if you'haye':'! Sea Sickness, Train Sickness, "~ Auto Sickness— take Dr. Miles'" Effervescent Nervine Tablet*. •/• • » Dr. Rogers, noted educator,.'.'. write*: "My «ot/« hi* b«en twfl tr- ;;; f ' did f Tom nervov^nu* owl '..'. , iUrpleatneu and to* ftui - ' Dr,.'Mfte»'.' Efftrottetid '•'"." Nmrfne Tabltta a grrtat r»- • . M-. '- : -•"' ' '". -..;.. : : . I.don't go nuck o* pat- .:., nt medicinti, but ir*» • plMitir* to rttommntd • -'.,, remedy (hat li mlly good* —• Rev, S. W. RoB*r», Ph. D. I PARKER'S HAIR BALSAM I Rtnottt DjD^Bf.$tcv[illjk Pilling 1 ImpartftColor •»<) B«aut)r • CM ifc» »t rw <ni f*"-^. Urf Tttktsi HMt SmtD H •«•»». i a quarter of, a million pei'sons made -homeless by the'hurricane that swept over Puerto. Rico, scefies iike 'this ani cbmniqri i'n_ the 'devas- and 2000. injured, relief agencira opened emergency camps • lo supply food and shelter. The tents pictured here,- at Rio Ficdras, were ?up. plied by the Puerto Ricivn National Guard. ' sull collapse, has requested all tiree of the Insulls to return to Chicago for questioning. He intimated that he might "take other action if they did not .comply voluntarily. A second investigation is being conducted by Federal Judge Lndley u the government's hunt for jankruptcy assets. A third probe s being conducted by United States District Attorney Dwijht Green, whOiis trying to ascertain if any federal criminal statutes have been' violated. behind him. AN "ANGEL" IN POLITICS HELPING. BOTH PARTIES Insull favored public ownership of utilities — but his brand of public ownership meant customer ownership, under Insull control. In Chicago ad vicinity alone he had nearly 300.000 investors. This gray-haired Napoleon of a utilities empire, who usually got What he wanted, also had other Irons In ,thc fire. He was a generous, though cautious, contributor to TMlitical campaign funds. In It is difficult to estimate what , !92<i a* a, Senate Invesligation lat- the collapse of the intricate system of Insull holding and investment companies will mean l n terms of monev lost to investors, but conservative Chicago bankers fix the figure in excess of three-quarters of a billion dollars. Only many months of investigation— and perhaps years of litigation— will tell . Much of this money Is lost by persons least able to afford it, for Samuel Insull strongly encouraied customer- ownership of his many securities, and Insull's name was magic in Chicago where his success had been so tremendous. Consequently, when a new issue of Insull stock appeared, monev came out of savings banks, out of socks. out from under mattresses and quickly found its way into his companies' coffers. Insull stock could be bought with electric toasters, gas ranges electric washing machines, coke or whatnot. Employes— from bookkeepers to meter readers — were slven quotas of stock and ordered to sell stock to different families But Insull didn't do this because he needed capital from his customers. He had a deeper motive If there was a rate increase, the customer's objection would be .calmed by the idea that h c was paying money to himself. If Insull wanted to seek a favorable franchise it city hall, the political influence, of thousands or anal Investors, vho felt they were p»rt ownen in UM CMnpmr. VMM ta er disclosed, he contributed $125,000 toward the election of Frank I,. Smith, who was elected to tho Senate from Illinois but denied his seat In that body on the rrounds of corruption. At the time of his candidacy, Smith was chairman of the Illinois Commerce Commission, the state's utilitle. r»te-making body. But cautious Insull played n favorites. The same investigatioi disclosed that he had contribute< *15,000 to the campaign of Oeorg Brennan, Smith's ttemocratlc op poncnt In the years when Mayor "Bi Bill' 1 Thompson was' threatenln to "bust the kaiser in the snoot, holding rodeos In the city, ha and performing other antics, In sull was really the Power behln the throne at cltv hall, so Chlca goans tell you. They say Insu exercised this power through Cor poratlon Attorney Samuel Ettel son. who really ran things. PYRAMID OF HOLDING COMPANIES CRASHES It is of utmost importance t remember that the Insull opera ing companies are not Involved .| the present dfcbacle. The com pantos now In trouble are the g 1 g»ntic holding companies, whic produce no gas or electricl themselves, but merely own secur tie* of the operating comp»nl" Pr*etle«lly *B the operating eon ptoiM art wund properties. Oh UM* «pnatin« canpanh Neiyro Ask^ Divorce After Twenty Years Separation Hayfield Bush, ncero ex-soldier, has fi'ed suit In, chancery court seeking a divorce from his wife. Jessie.Bush;. They have been separated for 20 years, marrying In 1910 and separating in 1912. In the meantime B'!=h has remarried and the divorce'from his first wife -Is sought in connection with a claim before the U: 5. Veterans ' Bureau. Tho action was filed through Sam Manatt, local attorney. ai"" Stea'« Copper Trofley W» MARTTNSVn.LE, Ind. (UP) — Trolley and feed wires on an ahin- doned interurbnn line between Martinsville and Indianapolis hive been ordered taken down by the Indiana Railway company because of recent activity of thieves. > About two and one-half miles ol copper wire hns bcsn reported stolen since the cnrs stopped running. The wire is expensive tmd It is believed an organized gani hi been at work along lines In the state which have discontinue /\r«*»Ti**!nn A total of about tsvo and a hal tons of the wire has been reported stolen. itll stacker) a high pyramid o holding company upon holding company, topped by two eieanti investment trusts—the S250,000,OOC Insull Utilities Investmonts. Tnc and the $150,000,000 Corporation Securities Co. All was well until securities be (tan to shrink In value, snd then the whole lofty financial super structure came tumbline dowi amid y, scries of bankruplctcs ani receiverships. Thousands of Investors sufferc loss or ruin. At the bottom of the pile was the 73-year-oW Samuol Insull, destroyed by the very thing that he had worked for 50 years to create. He is the world's greatest failure! S V rrn i . \T> y Ihese tiny tender leaves of spicyTurkish tobaccos — and just enough of them! TOMOROOW: Hr>w Samvel In- sill made his millions and bliU the world's (nate-tt vtllitlej empire from the bottom mp. . . . The • Emrlfah i»mJ«r»nl koj wbo became TbMua A. Hlwn's sec. retarr and raw with an indBlry. ENOUGH TURKISH BUT NOT TOO MUCH R»bbi Enrolls as Freshman WORCESTER, Mass. (UP)-Ra'a- bl Jacob Welienberg, 42, has enrolled is t freshman at Wrrcester Clattlcal High school. A1912; LKCETT * Mrm TotMco Co, Turkish tobacco sometimes runs hundreds of little leaves to the pound. In cigarettes it is used much as seasoning is in food, for flavor and belter taste. You know that seasoning has to be used right... just enough of it, not too much. Ciic3tcrf«:Id puts in just the right amount of Turkish } loluicco—the best kinds—Xanthi, Cavalla, Smyrna and Samsoun. These arc not merely blended, but cross-blended with ripe, mellow Domestic tobaccos. Enough Turkish, not too much—that's one reason why Chesterfields taste better—why they have a delicacy of aroma you do not find in other cigarettes. Chesterfield Radio Program—Every nigtotexcept Sunday, Columbia Coast-to-Cout Network. (Jhesterfield

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